Date: Jan 01, 2009 Source: Bloomberg (
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Diagnosoft(R) Secures $4 Million in Financing and Appoints a New President and
MORRISVILLE, N.C. and PALO ALTO, Calif., Jan. 29
MORRISVILLE, N.C. and PALO ALTO, Calif., Jan. 29 /PRNewswire/ -- Diagnosoft,
Inc., an innovator in magnetic resonance (MR) image analysis software that
assists in diagnosis, staging and therapeutic monitoring of cardiovascular
disease, has announced the closing of $4 million in Series B financing led by
Technology Development Fund (TDF) of Cairo, Egypt. The company intends to use
the new capital to support further market expansion of Diagnosoft(R) HARP(TM),
Diagnosoft(R) PLUS, and Diagnosoft(R) SENC. The capital infusion will also
serve to further the development of other innovative MR image analysis
technologies designed to increase physician productivity and accuracy, improve
patient outcomes, and enhance research and drug development advances.
"When cardiologists and radiologists can make a decision about the condition
of a patient's heart based on quantitative data obtained from cardiac MRI
analysis, rather than just 'eyeballing' images," said Diagnosoft Co-Founder
Dr. Matthias Stuber, "they can come to a faster conclusion that's
substantiated, not subjective. When diagnosis and treatment is supported by
the numerical data our software provides, it's stronger from a legal
standpoint as well."
According to Dr. Jerry Prince, Diagnosoft co-founder and colleague of Dr.
Stuber at Johns Hopkins University, "There are many techniques for analyzing
the left ventricle of the heart -- ECHO, nuclear medicine, CT, and so -- but
we are focused on the emerging technology of MRI for the cardiac market. We
are kind of a one-stop shop for innovative analysis of the four magnetic
resonance imaging techniques -- CINE, perfusion, delayed enhancement or
viability, and function or strain. Diagnosoft is the only company directly
looking at function, to see if the heart muscle is contracting properly;
consequently, we are the only ones who can put all four imaging techniques
together, and present it to the clinician in a single view."
This unique capability made investment in Diagnosoft an attractive endeavor
for TDF. "It seems we are in the midst of a renaissance for cardiovascular
MRI. It's amazing how much interest there is in the market -- it's a very good
time to be in the market, and we believe Diagnosoft is clearly on the leading
edge," said Ahmad Gomaa, fund manager for TDF.
As Dr. Stuber explained, "As cardiovascular medicine grows, it is moving away
from being purely reactive -- in other words, once you have an infarct, you
start treating it. I believe people with certain known risk factors will
undergo cardiovascular testing earlier. Quantitative analysis of myocardial
motion will be a crucial factor in being more proactive and informed in risk
assessment and early management for heart disease."
To continue Diagnosoft's commitment to cardiovascular imaging advances, the
company's board of directors has appointed Firas BenAchour president and CEO
of Diagnosoft and a member of the board. With 20 years of healthcare
information technology experience, BenAchour will work closely with the
executive team to expand and solidify Diagnosoft's position in the
marketplace. He started his career in business development, sales and
marketing, and quickly moved into executive management. His carrier spans
large, small as well as startup companies including HBOC and Per-Se
Technologies (both acquired by McKesson), CareFusion (acquired by Cardinal
Health), and CareSystems.
"I am delighted to be appointed president and CEO of Diagnosoft, and I am very
excited about the opportunities and the growth potential of our company,"
BenAchour said. "Since joining Diagnosoft, my principal focus has been to
establish our growth strategy for the benefit of our clients, employees and
investors. We are currently focusing on organizing our client services
efforts, establishing our sales and business development processes,
solidifying our brand and continuing to make improvement to the quality,
usability and reliability of our software solutions."
Diagnosoft, Inc., based in North Carolina and California, is a privately held
company specializing in image analysis software that assists in diagnosis,
staging and therapeutic monitoring of cardiovascular disease. One of its
products, Diagnosoft HARP(TM), is distinguished as the first FDA 510k- cleared
software designed for the analysis of tagged magnetic resonance images. The
company is focused on improving physician workflow, quantifying
decision-making, and enhancing research and drug development advances.
Company founders Dr. Nael Osman and Dr. Jerry Prince, developed HARP
technology at Johns Hopkins University (JHU), where they are faculty members.
Dr. Matthias Stuber, a company founder who is also on the JHU faculty, brings
additional insight and imaging expertise to Diagnosoft. More information about
the company's three MRI analysis software products, Diagnosoft(R) HARP(TM),
Diagnosoft(R) Plus and Diagnosoft(R) SENC, is available at
About Technology Development Fund
The Technology Development Fund, http://www.techdevfund.com, is the first
technology venture capital fund in the ME. Established in 2004, its current
capital base is $50 million. The Fund aims to propel the growth of innovative,
startup and early stage companies in the field of information technology. The
Fund is managed by one of the leading investment banks in the MENA region,
Efg-Hermes, http://www.efg-hermes.com, through its subsidiary Ideavelopers,
Diagnosoft(R) is a registered trademark of Diagnosoft, Inc. HARP(R) is a
registered trademark of Johns Hopkins University. Diagnosoft, Inc. disclaims
any proprietary interest in the marks and names of others.
Except for the historical information contained herein, this news release
contains forward-looking statements that involve risks and uncertainties.